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: yeah. and what's interesting is -- as far as the united states is concerned, you know, the u.s. government's always supported dubai as an experiment because it is such a moderate place. you have iranians coming here -- and by the way there's a lot of iranian money here, which is interesting in light of the nuclear reactors. saudi arabians come here, it's this sort of mecca for people to come and let their hair down, take off their traditional garb if they want to, but you do have a lot of europeans too. is there need for a tourist hub here? you really can make the argument for yes. they always say there's 400 million people within a three-hour flight, 400 million wealthy people. there's billions within that distance from here that they think can really come and spend money. and there is something to be said for that. there is no sort of caribbean. there's an atlantis here. and you look at it across the water and you literally think that you're at the other atlantis. this is the caribbean maybe for the middle east and for europe. maybe it go way overbuilt, but you do still hav
, with softer economic growth in the united states compared to elsewhere on the sidelines, you probably do continue that trend. ultimately, i like diversification when things are driven differently. right now, we're not getting that. chris and beth ann, thank you so much. >> but at 666 on the s&p -- >> it was -- >> -- calling another big down leg. >> the economists for the year -- >> they're not stock market. >> but they had the growth numbers that are out there. >> i don't think they do, either. if you look at the growth estimates of gdp for the next six months, it has nothing to do with stock prices for the nkts six months. >> but wait a second. if i tell you six months from now, and let's say that you agreed with my forecast, that growth is going to be minus 6%, would that not affect your willingness to buy stocks six months out? >> yes, it would. but psychologically -- >> and i'm telling you that six months ago, the forecast was for plus 3% for the second half of the year and that was something that -- >> why did they turn bearish up 20%? >> who turned bearish? >> all they economists,
in the financial system, it is substantially stronger today than when the president of the united states took office. and we would have had a stronger fiscal position if we didn't have eight years of paying for our commitments, not bar roaring against them. >> at some point -- >> your time as expired. >> you have to take responsibility for your decisions. >> i take responsibility for anything i'm part of doing. i would be happy for that. what i can't take responsibility for is for the legacy of crisis you've -- >> this is your bailout. >> this is -- >> the gentleman's time has expired. >> the obama administration defending the secretary. in a statement, the white house says geithner has helped steer the economy back from the brink and is leading the effort on financial reform. but you heard him say, what i can't take responsibility for is the legacy of crisis you have bequeathed this country. >> i don't know who he meant. >> i'm not sure, either. there's the countdown clock right in front of him. does that mean his time was up or he's a big zero? >> no. the guy's time was up. >> but what is t
in the dollar? there's a lot of controversy here in the united states that they shouldn't be happy about the dollar, they should be fighting to support it. >> if it's a gradual decline, it should help your ex ports. that will really rebalance the world in a trade situation. if the dollar gradually declines and renminbi depreciates somewhat, that would be a desirable situation for both the u.s. and china. >> sir, you seem to feel, from what i've read, that deflation is a problem at this point globally. it's a worldwide trend. how does that explain the move in gold and the notion that the reason we have this dollar weakness is because of the printing presses running full time here in the u.s. is that because you're so phobic in japan now about inflation or deflation or is that the the biggest problem? >> well, this deflation or this inflation is not a monetary phenomenon. it is a result of the globalization and the deflation is actually happening in this country in japan. this is going to continue for some time. and even for the u.s. and europe, disinflation is taking place. and at least f
but they needed money for marching calls in the united states. you see global ripple effects. the thing that troubles me the most are european banks and obviously we see exposures but one of the mysteries of the u.s. financial crisis all along to he me has been why bond holders never took a haircut. in the u.s. banks depositors were protected. stockholders got crushed. the bond holders were always made whole. and sort of begs the question who has bonds and area they being protected? best information was a lot of those bonds were held in european banks and the reason the u.s. propped up the system is they didn't want to hammer the european banks and now european banks are getting hammered from another direction which is dubai but vulnerability is still there. i think that may be the biggest single casualty of this is stability of the european banking system. >> freappreciate your time. any closing comments? >> he probably has a better take on emerging markets and impact here than anybody. on the chicago trading floors will pay at a tensitention to t. if it gets near 28 next week, that's
the united states printing money. you've got battles over actually who is going to be doing the ultimate bookkeeping. frankly what you've got here are people who are making book entries between the fed and the banks. you've got book entries between the countries and the countries. there's nothing solid, for example, like gold sitting behind these transactions. so at some stage it says -- it's not new. but look at what's happened. normally gold and oil were moving either in tandem or certainly parallel. now you've got gold at its record high and oil sitting under $80 a barrel. the last time oil was at $147 a barrel, gold was making a top at 1040, 1075 is where the contract. you've got a divorce between the most fundamental commodity for consumption which is oil and the steady rock of commodities for value which are gold and silver. now, silver, the poor man's gold, has yet to achieve its highs from the 1980s forecasts 1979, 1980 when it reached $50 an ounce. >> the hunt brothers. >> hunt brothers are not around. but the argument about money and gold and silver is reemerging in a frighteni
Search Results 0 to 5 of about 6

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